Support Board
Date/Time: Tue, 26 Nov 2024 14:22:40 +0000
[User Discussion] - position-taking tool
View Count: 540
| [2023-11-24 16:16:01] |
| User925676 - Posts: 4 |
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Hello everyone, I would like to know if there is a tool, or if it is possible to create one, to make it easier to take a position by directly calculating the number of contracts according to the $ risk we want to take in relation to our stop loss. Attached is the tool I use for cfd on metatrader 5. I know that futures are contracts and not lots, so there's no decimal. I'd like the same tool, deciding in advance whether to round up or down the number of contracts. Example: according to our SL, we'd have to take 3.30 contracts, which isn't possible. So the possibility of rounding up or down directly to 3 contracts if lower or 4 if higher in the parameters. I'd also like to be able to set whether I can enter a market or limit order. This would allow me to concentrate solely on decision making and not on execution. Thank you in advance for your help. |
 Capture d'écran 2023-11-24 171402.png / V - Attached On 2023-11-24 16:15:31 UTC - Size: 43.05 KB - 119 views |
| [2023-11-25 08:37:26] |
| User61168 - Posts: 403 |
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Unfortunately, there is no out-of-the-box Risk based position sizing capability in Sierra Charts that I am aware of. It is left on SC users to do their own custom development. Unlike Metatrader's vast developer community, SC users are not very generous in sharing such tools/solutions via open source unless you are willing to pay or hire ASCIL developers.
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| [2023-11-25 22:31:26] |
| User925676 - Posts: 4 |
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ok thanks for the information. Too bad the sierra developers didn't think of it or didn't offer it as standard. It seems such an obvious tool.
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| [2023-11-25 23:54:47] |
| User61168 - Posts: 403 |
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IF you are a manual trader then there are few things you could do to calculate position size (via spreadsheet formula study) and display it on chart (allowing you to manually enter the contract size in the trade ticket). In essence... 1) create a line study to represent starting balance in points. for NQ, if your starting capital is 10K then 10,000/20 will go in this study 2) use Trading: Closed Profit/loss study to reveal your cumulative PnL from past trading days 3) spreadsheet formula to add #1 and #2 to calculate total Account balance. 4) spreadsheet formula to calculate #contracts based on account point value. This requires you to decide the max contract size per account value. i.e. 1 contract per $5000 of account balance as an example 5) print #4 on the chart and manually enter the value in trade ticket. You could use similar (but painful) approach to calculate $Risk from SL distance. I think $Risk based position sizing is more applicable to FX due to small lot sizing. In futures, I have seen folks mostly do xContracts for each $Y in Account and keep the math simple to lever up with scale. Hope this helps. Edit: I personally don't like this approach as #2 forces me to maintain all the historical chart data starting from the day you started trading. For intraday, I prefer to only see current day's chart that is why I have not implemented this. I also do not like changing contract size during a trading session... keeping my fear and greed in control :-) Date Time Of Last Edit: 2023-11-25 23:59:24
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| [2023-11-27 13:32:17] |
| User925676 - Posts: 4 |
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thank you very much for your reply. But I don't think I can use this, it's far too complex for me. Do you know if there is a site selling sierra tools so that I can potentially find what I'm looking for even if I have to pay for it? |
| [2023-11-27 21:41:56] |
| User61168 - Posts: 403 |
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you can find some here.... Other Websites |
| [2023-11-27 23:54:32] |
| User61168 - Posts: 403 |
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I'd also like to be able to set whether I can enter a market or limit order.
This would allow me to concentrate solely on decision making and not on execution. This tells me you are a manual trader so displaying a line based on $risk as a visual aid should be really straightforward. I have something implemented for NQ which draws a line for TP and SL continuously calculating the distance from the last price and displayed on the chart but it is 'hardcoded' only for NQ based on my "Daily Max Profit" and "Daily Max Loss" values. Anyways, good luck and let us know which one you purchased :-) |
| [2023-11-30 12:01:11] |
| User925676 - Posts: 4 |
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I hadn't seen that, thanks for all your answers!
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